(IANAQYet, so I ask,... I always thought that the slank shank had a better chance of hooking a needle where you didn't want it, but that could be soley because of my poor beginnings on a sewing machine (slant) I thought the main advantage of a slant is the extra visibility...?)

The horizontal bobbin on the 401 makes it less than ideal as a quilter, I do know that part,... though it would be fine for piecing. The 401 is a great machine for almost everything but FMQ....

I picked up a 401A for $80CDN in a cabinet 3 weeks ago with all of the accessories other than the tube of oil, that's less than your 62GBP... There are deals out there. Ones that don't require extra $$ for shipping either.

The 401 is just great for piecing. I use the 401 for piecing non stop. I use my 301s for FMQ because you can screw down the feed dogs. The 401 can zig zag masterfully and do some other fancy stitches that I use for machine sewing quilt binding on. Find another 401 or 403. I bought mine from ebay- it showed a video of it working. I did do a thorough cleaning and oiling, but the gear driven machine is awesome. The slant needle lets you see perfectly when piecing small pieces. Sold my new Pfaff and replaced it with the 401 and 301s and have only become a better quilter!
Linda